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Yazdani will be replaced on an interim basis by Executive Vice President and Chief Operating Officer Shawn Farshchi, who will remain COO while holding the interim CEO title. The company also noted that it is separating the office of chairman from that of CEO and naming independent director Bill Russell non-executive chairman of the board.
In an SEC filing related to Yazdani's departure, Saba disclosed its separation agreement guaranteeing Yazdani:
- "all base salary due and owing and all other accrued and unpaid benefits through the last day actually worked."
- a "target bonus payment" of unspecified amount.
- "continued group health insurance coverage paid by the company" for one year.
- "all shares subject to any outstanding stock options and restricted stock units ... held by the Executive."
The company did not include in its filing any actual dollar figures related to Yazdani's exit package.
In other news, Saba announced Friday that it is switching auditors. Once Ernst & Young has completed its work on restating the company's financials so that the firm can file its belated SEC filings, KPMG will take over as Saba's new independent registered public accounting firm of record.